OKC Thunder Changing Name of Arena

The OKC Thunder will have a new corporate name adorning their playing gym for the next 12 years. The Oklahoman reports: “Chesapeake Energy Arena will be the new name of Oklahoma City’s downtown arena formerly known as the Ford Center under a new naming rights agreement jointly announced Thursday by the Oklahoma City Thunder and Chesapeake Energy Corp. Under the 12-year naming rights agreement, Chesapeake will pay the Thunder $3 million the first year, with a 3 percent annual escalation clause for each year, thereafter. The agreement includes Chesapeake branding throughout the building including on the basketball court, prominent premium placement on the high-definition scoreboard and new state-of-the-art interior and exterior digital signage. Most of the signage is expected to be in place by the start of the Thunder’s 2011-12 season.”